THE average rent for new tenancies in Limerick City now stands at over €1,300 per month, according to new research.
The Residential Tenancies Board (RTB) rental index for quarter two of 2023 shows that the average rent for the city is now €1,339 per month for a three-bedroom house.
This represents an increase of 4.3 per cent quarter-on-quarter.
For existing tenancies, the average rent in the city was €1,115 per month.
In the county, the average rent for new tenancies during this period was €1,278 per month, up 5.3 per cent quarter-on-quarter.
Existing tenancies in County Limerick cost on average of €1,065, up 6.1 per cent quarter-on-quarter.
Limerick also saw the largest decrease of newly registered tenancies, recording a drop of 49.3 per cent.
The local electoral area in Limerick that saw the highest average rent for new tenancies was Limerick City East, with an average rent price of €1,561 per month.
That was followed by Limerick City North with the average rent standing at €1,307, with average rents in Limerick City West standing at €1,284.
Newcastle West, Adare-Rathkeale, and Cappamore-Kilmallock all saw less than 30 new tenancies started in quarter two.
According to the report, the Greater Dublin Area (GDA) accounted for over half of all new tenancies nationally, with 55.6 per cent of all new tenancies registered there.
There was also a higher proportion of new tenancies of one-bedroom properties registered across the country, with 23.1 per cent of new tenancies having one bedroom, while 17.5 per cent of existing tenancies were on properties with one bedroom.
The average rent nationwide for new tenancies in quarter two stood at €1,574 per month.
According to report co-authors Rachel Slaymaker, Kate Devane, and Eoin Kenny of the ESRI, quarter two saw “prices continue to increase, but the new interest rate environment saw the rate of price increases ease somewhat”.
Director of the RTB, Niall Byrne, said: “The production of an index that can track rent developments in all rents across the private rental sector is a major step forward. Information
is now available for sitting tenants which was not available in the previous Rent Index Reports.”
“The RTB is committed to ensuring compliance with rental law, particularly the requirements to register tenancies and to set lawful rents in RPZs. These commitments are set out in the RTB’s Statement of Strategy 2023 -2025.
“The data now available to the RTB as a result of the requirement to renew tenancies annually provides very important information which the RTB can now use in planning its compliance and enforcement activities,” Mr Byrne concluded.